Sharp Elbows Among Street Lawmen

For decades, New York has served as home to ambitious prosecutors and regulators eager to make waves that ripple well beyond its boroughs.

But the race to investigate, indict, subpoena and fine has reached a new level of intensity this year, as the creation of a new state financial-services watchdog—led by former federal prosecutor Benjamin M. Lawsky—has added another powerful player to an already crowded field.